Advanced Bots
Available to Premium and Professional users.
Last updated
Available to Premium and Professional users.
Last updated
Advanced Bots give users absolute control over the parameters associated with a technical indicator. New users or traders are strongly advised to understand how a technical indicator works before trying to configure the indicator's parameters.
Professional Plan users have access to 5 minute Trading Frequency
To access the settings, simply add Advanced Bot (only Premium and Professional users will be able to) and choose the technical indicator.
Click the settings icon in the green box. The parameter window will pop up. An example for Bollinger Band is shown below.
Please note that this setting applies to the Entry indicator values. If you add Bollinger Band to your exit condition and click on the settings icon, you will see the corresponding Exit indicator values.
You may also choose a different Period for each Entry and Exit indicator values.
This User Guide will not dwell into the mechanics of each parameter for every technical indicator. This subject requires your own self-study or study our Tutorials found in our Blog.
If Active Trailing is enabled, it means that the extra order will be triggered if the indicator values continues to fall to the Level configured for Extra Order.
If it is disabled, it means that the indicator value has to rebound above the Base Order indicator Level and falls back to the Level configured for Extra Order, in order for the Extra Order to be executed.
Example A: if Active Trailing is enabled using simple 30 RSI signal for buy, and 25 RSI signal for extra order.
| Time | RSI | Execute Order? |
|---|---|---|
T | 50 | No |
T+1 | 29 | Base Order |
T+2 | 24 | Extra Order |
Example B: if Active Trailing is disabled using simple 30 RSI signal for buy, and 25 RSI signal for extra order.
| Time | RSI | Execute Order? |
|---|---|---|
T | 50 | No |
T+1 | 29 | Base Order |
T+2 | 24 | No |
T+3 | 32 | No |
T+4 | 24 | Yes |
You can configure Entry and Exit parameters
ForexHero's Advanced Bot offers quite a few conditions for exiting a deal. One of the popular one is through Indicator Exit. Some traders would like to pair an exit indicator with a minimum profit. Hence, ForexHero offers a Minimum Profit for Indicator Trigger option.
This is useful when the bot enters a deal at a set indicator level (for example RSI = 30 and price of an instrument = 3000) but if the user selects RSI = 70 for exit AND if the market had been free falling after the deal is opened, even though the RSI may rebound to 70, the exit price could still be lower than the entry price. Closing a deal at this stage would result in a loss.
Hence, a trader may require a deal to have at least profit even though the exit indicator condition is met.
For example, if Minimum Profit for Indicator Trigger is NOT enabled:
| Action | RSI | Price |
|---|---|---|
Buy Forex X | 30 (Entry condition met) | 3000 USD |
Does nothing | 25 | 2900 USD |
Does nothing | 35 | 3050 USD |
Does nothing | 25 | 2700 USD |
Sell X | 70 (Exit condition met) | 2950 USD |
exit with loss |
But, if Minimum Profit for Indictor Trigger IS enabled:
| Action | RSI | Price |
|---|---|---|
Buy Forex X | 30 (Entry condition met) | 3000 USD |
Does nothing | 25 | 2900 USD |
Does nothing | 35 | 3050 USD |
Does nothing | 25 | 2700 USD |
Does nothing | 70 (Exit indicator met but Min Profit not met) | 2950 USD |
Sell X | 75 (Exit indicator and Min Profit met) | 3100 USD |
